Buy Now Pay Later Global Market Report 2022: Increase in the Adoption of Online Payment Methods Drives Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 21, 2022--
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The global buy-now-pay-later market is expected to grow from $71.20 billion in 2021 to $103.60 billion in 2022 at a compound annual growth rate (CAGR) of 45.5%. The market is expected to grow to $467.34 billion in 2026 at a CAGR of 45.7%.
In 2021, North America was the largest region in the buy now pay later market. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this buy now pay later market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
An increase in the adoption of online payment methods is expected to propel the growth of the buy-now-pay-later market going forward. Online payments refer to payments that are made for goods or services that have been purchased online or offline. With the buy now, pay later option, customers can make small-ticket purchases both offline and online and make fast payments.
For instance, in April 2021, according to Razorpay, an India-based financial services company, the rate of digital payment transactions in India during January, February, and March 2021 increased by 76% compared to the same period in 2020, whereas Buy Now Pay Later (BNPL) experienced a staggering growth of 569%. Therefore, the increase in the adoption of online payment methods is driving the growth of the buy-now-pay-later market.
Technological advancement is a key trend gaining popularity in the buy-now-pay-later market. Major market players are concentrating on offering customers cutting-edge digital services to sustain their position in the buy-now-pay-later market. For instance, in January 2022, Temenos, a Switzerland-based software and apps company, launched Temenos Banking Cloud, the first AI-driven buy-now-pay-later banking service in the market.
Through alternative credit products, this offering is expected to give banks and fintechs additional revenue options, assist them in expanding into new areas, and strengthen their connections with customers and business partners. By offering transparency into automated judgments and pairing BNPL customers with suitable loan offers based on their past, Temenos BNPL assists banks in developing lending programmes that are driven by patented, explainable AI technology. Therefore, technological advancement is boosting the growth of the buy-now-pay-later market.
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1) By Channel: Online; POS
2) By Enterprise Size: Large Enterprises; Small and Medium Enterprises
3) By End Use: Consumer Electronics; Fashion and Garment; Healthcare; Leisure and Entertainment; Retail; Others End-User
Key Topics Covered:
1. Executive Summary
2. Buy Now Pay Later Market Characteristics
3. Buy Now Pay Later Market Trends And Strategies
4. Buy Now Pay Later Market - Macro Economic Scenario
5. Buy Now Pay Later Market Size And Growth
6. Buy Now Pay Later Market Segmentation
7. Buy Now Pay Later Market Regional And Country Analysis
8. Asia-Pacific Buy Now Pay Later Market
9. China Buy Now Pay Later Market
10. India Buy Now Pay Later Market
11. Japan Buy Now Pay Later Market
12. Australia Buy Now Pay Later Market
13. Indonesia Buy Now Pay Later Market
14. South Korea Buy Now Pay Later Market
15. Western Europe Buy Now Pay Later Market
16. UK Buy Now Pay Later Market
17. Germany Buy Now Pay Later Market
18. France Buy Now Pay Later Market
19. Eastern Europe Buy Now Pay Later Market
20. Russia Buy Now Pay Later Market
21. North America Buy Now Pay Later Market
22. USA Buy Now Pay Later Market
23. South America Buy Now Pay Later Market
24. Brazil Buy Now Pay Later Market
25. Middle East Buy Now Pay Later Market
26. Africa Buy Now Pay Later Market
27. Buy Now Pay Later Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Buy Now Pay Later Market
29. Buy Now Pay Later Market Future Outlook and Potential Analysis
- Paytm Postpaid
- PayPal Holdings Inc.
- Affirm Inc.
- Klarna Inc.
- Perpay Inc.
- Quadpay Inc.
- Laybuy Group Holdings Limited
- Payl8r (Social Money Ltd.)
- Zest Money
For more information about this report visit https://www.researchandmarkets.com/r/6ks9ra
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